Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2017

Stock-Based Compensation [Abstract]

Weighted-Average Valuation Assumptions, Stock Option Grants

The assumptions used in the Black-Scholes option pricing model are presented below:

	Three Months Ended March 31,
	2017		2016
Risk-free interest rate	2.10 to 2.38	%	1.58 to 1.63	%
Expected volatility	116 to 118	%	113	%
Expected term (years)	6.0 to 9.8		6.0
Expected dividend yield	0	%	0	%

Allocation of Stock-Based Compensation Expenses

The table below summarizes the total stock-based compensation expense included in the Company’s consolidated statements of operations for the periods presented:

	Three Months Ended March 31,
	2017		2016
Research and development	$	28,000	$	26,000
General and administrative		143,000		790,000
Total stock-based compensation	$	171,000	$	816,000

Summary of Stock Option Activity

Stock option transactions during the three months ended March 31, 2017 are presented below:

	Options Outstanding
					Average
			Weighted		Remaining
			Average		Contractual
			Exercise		Term		Intrinsic
	Shares		Price		(Years)		Value
Balance, December 31, 2016		74,890	$	64.50		8.65	$	-
Granted		46,732		4.50		-		-
Exercised		-		-		-		-
Forfeited/Cancelled		(1,262)		28.60		-		-
Balance, March 31, 2017		120,360	$	41.60		8.95	$	-
Exercisable at March 31, 2017		39,766	$	78.00		8.13	$	-

Shares Reserved for Future Issuance

As of March 31, 2017, the Company had reserved shares of its common stock for future issuance as follows:

	Shares Reserved
Stock options outstanding		120,360
Employee stock purchase plan		25,215
Available for future grants under the 2016 Plan		200,987
Warrants		775,137
Total shares reserved		1,121,699